Boosting London's Christmas Economy

Shaun Bailey: What actions have you taken to boost London’s economy, specifically in the lead up to Christmas?

The Mayor: London is facing both an ongoing health crisis and an economic crisis. I and partners across London are doing all we can to get London open on 2 December and ensure businesses can benefit from the immediate pre-Christmas period. But it is not choice between Londoner’s heath and the economy the key to long term economic recovery is to get the infection rate down.
My trade, investment and promotion agency for London, London & Partners, is running the #BecauseImALondoner campaign to restore consumer confidence. Subject to the easing of restrictions, the next phase will focus on encouraging consumers to visit London during the Christmas period to help support the West End.
My London Business Hub has supported over 1,400 businesses since lockdown and my London Resilience Fund will provide £1m of grants to support innovators, small businesses, and civic society organisations. Pay It Forward London has enabled 16,000 contributions raising in excess of £1,100,000 to help over 360 businesses. Through my Back to Business Fund, businesses are also eligible for match-funding of up to £5,000.

Extension of Business Rates Holiday for Hospitality Businesses

Leonie Cooper: In the 4th November meeting of the Economy Committee the Chief Executive for UKHospitality, Kate Nicholls, called on the Government to announce an extension of the business rates holiday for hospitality businesses beyond March 2020 as soon as possible so that businesses can undertake long term profit and loss analyses. Do you agree that a sector-specific extension is urgently needed now to help London’s businesses plan in the long-term?

The Mayor: Kate Nicholls is right to call for more support for her organisation’s members. I will continue to urge the Government to extend the business rates holiday and help protect thousands of jobs in London, as the capital’s economy continues to struggle from the effects of the Covid-19 pandemic. Such a move would provide crucial support to businesses reeling from a huge drop in footfall and a fall in consumer confidence due to Covid-19, with the retail, leisure and hospitality sectors the worst hit.
As the holiday is due to end next March 2021, many London businesses are fearing for their future if they must begin paying business rates again before they regain financial stability, a serious concern also shared by businesses in the rest of England.